Ratings Agencies Diverge on Impact of Ashland-ISP Deal

Credit rating agencies Moody's (New York) and Standard & Poor's (S&P; New York) took divergent actions in response to Ashland's acquisition of International Specialty Products (ISP), which closed earlier this week. Moody's reaffirmed Ashland's existing 'Ba1' rating, while S&P downgraded Ashland one notch, to 'BB' from 'BB+'. S&P's rating is now one notch lower than Moody's comparable rating.   The $3.2 billion deal is being funded with a combination of cash and debt. The debt consists of two separate term loans, one worth $1.5 billion and the...

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